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Wells Fargo’s WB Unit Faces Federal Probe for Potential Fraud

Andrew Brunton
Wells Fargo’s WB Unit Faces Federal Probe for Potential Fraud

Wells Fargo & Company (WFC) is in trouble again, with the US Department of Justice suspecting potential employee fraud in its Wholesale Banking unit, the Wall Street Journal reported on September 6. Citing anonymous sources, the news agency revealed that the probe relates to claims that WFC’s Wholesale Banking unit staff improperly added or altered customers’ information without their consent. The kinds of customer information that were suspected to have been changed or added included social security numbers, addresses, and dates of birth.